KR1 plc Investment Update: Interlay

 
TIDMKR1 
 
9 March 2022 
 
                                    KR1 PLC 
 
                           ("KR1" or the "Company") 
 
                          Investment Update: Interlay 
 
KR1 plc (KR1:AQSE), a leading digital asset investment company, is pleased to 
announce the Company's participation in the Interlay ("INTR��) 
crowdloan and Polkadot ("DOT") parachain auction. KR1 contributed a total of 
250,000.00 DOT to the Interlay crowdloan campaign, which successfully secured a 
parachain slot in the ongoing round of Polkadot parachain auctions. 
 
Interlay is currently building out its flagship product 'interBTC', a fully 
collateralized one-to-one Bitcoin-backed asset that enables interoperability 
between multiple blockchain ecosystems while fully preserving Bitcoin's 
censorship-resistant nature. At its core, interBTC leverages the concept of 
trustless and efficient cross-chain exchanges using cryptocurrency-backed 
assets introduced in previous research published by the Interlay team. interBTC 
will launch as a parachain on Polkadot and, once launched, can be utilised on 
Ethereum, Cosmos, Kusama and other networks in a seamless way through 
Polkadot's interoperability technology. 
 
The contributed DOT will be time-locked on the Polkadot blockchain for 96 weeks 
and will be returned to the Company following the completion of the respective 
Interlay parachain lease. Following the successful Interlay parachain auction 
bid, KR1 is going to receive a to-be-determined amount of INTR tokens over a 
time period of 96 weeks in return for supporting the Interlay crowdloan 
campaign. 
 
This method of token distribution involves no direct investment of capital, 
instead, it is an indirect investment with the opportunity costs being the 
inaccessibility of the locked DOT funds as well as foregoing any staking yields 
on the contributed DOT for the time period. 
 
The Company is also pleased to announce its participation in Interlay Ltd.'s 
Pre-Series A funding round, investing a further US$509,224 in return for 1,060 
Series Seed-2 Shares. Following the completion of this funding round, the 
Company now holds an interest in Interlay Ltd. of 1,224 Series Seed Shares, as 
announced on 30 July 2021, as well as 1,060 Series Seed-2 Shares. 
 
Keld van Schreven, Managing Director and Co-Founder of KR1, commented: 
 
"We are delighted to continue supporting Interlay, along with its sister 
project Kintsugi, to allow the most liquid crypto asset in the world, Bitcoin, 
to be bridged into the Polkadot and Kusama ecosystems." 
 
The Directors of KR1 plc accept responsibility for this announcement. 
 
                                   --ENDS-- 
 
For further information please contact: 
 
KR1 PLC                                                 [phone] 
George McDonaugh 
Keld van Schreven 
 
Peterhouse Capital Limited (AQSE Corporate              [phone] 
Adviser) 
Mark Anwyl 
 
FTI Consulting LLP (PR Adviser)                         [phone] 
Ed Berry                                              [e-mail] 
Laura Ewart 
 
About KR1 plc 
 
KR1 plc is a leading digital asset investment company supporting early-stage 
decentralised and open source blockchain projects. Founded in 2016 and publicly 
traded in London on the AQSE Growth Market (KR1:AQSE), KR1 has one of the 
longest and most successful track records of investment in the digital assets 
space by investing in decentralised platforms and protocols that are emerging 
to form new financial and internet infrastructures. 
 
www.KR1.io 
 
 
 
END 
 
 

(END) Dow Jones Newswires

March 09, 2022 10:54 ET (15:54 GMT)